Search form

Search

CFPB

Enactment of the Dodd-Frank Act created the Consumer Financial Protection Bureau, an agency charged with carrying out federal consumer financial laws. We are focused on retail banking products and services, making CBA the industry resource on the CFPB. Our insights and analysis on CFPB-related issues, along with the latest news and information, provides our members with the necessary tools to navigate this new regulatory environment.

In a much-anticipated move, the Consumer Financial Protection Bureau finalized its long-pending arbitration rule. Reaction from Capitol Hill, consumer groups, and banking associations followed expected lines, from cheers to jeers, depending on the source. The rule will not affect the use of mandatory arbitration clauses in existing consumer agreements of the types it covers and won’t have a...

A decision by the Consumer Financial Protection Bureau that financial companies may not require consumers to resolve disputes in arbitration, rather than in class action lawsuits, prompted strong criticism from industry groups, while consumer advocates cheered the new rule. A move by the Consumer Financial Protection Bureau to ban mandatory arbitration in consumer contracts with financial...

The lucrative and costly business of class-action lawsuits has been turned upside down by a new federal rule. And the fight to save or kill it has just begun. After years of review on the subject, the Consumer Financial Protection Bureau, an independent federal watchdog agency, declared a new rule Monday that bans banks, credit card companies, payday lenders and other financial firms from...

A US consumer-protection agency is moving forward with its proposed rules to prevent financial institutions from requiring customers to give up the right to band together and sue over alleged wrongdoing affecting financial products and services like banks accounts and credit cards. The US Consumer Financial Protection Bureau on Monday released a final version of its long-awaited rule, which takes...

The Consumer Financial Protection Bureau moved Monday to ban banks and other companies from preventing class-action lawsuits related to bank accounts, credit cards, and other financial products, a move that is likely to elicit pushback from the Republican-led Congress. The agency announced that it had finalized a rule to prevent mandatory arbitration clauses in financial products, which steer...

U.S. banks and credit card companies could be prevented from blocking customers from banding together to sue them under a rule released by the country's consumer finance agency on Monday. In releasing the rule, which goes into full effect in eight months, the Consumer Financial Protection Bureau fired the first shot in a likely brutal political battle between Republicans and Democrats over...

The U.S. Consumer Financial Protection Bureau is making it easier for customers to sue banks, a move sure to rile Wall Street and congressional Republicans. Financial firms will be restricted in using mandatory arbitration to block class-action lawsuits, the CFPB said in a statement Monday. Clauses requiring arbitration to settle disputes are inserted routinely in contracts for credit cards,...

NEW YORK (AP) — Consumers could band together to sue their banks or credit card companies under a federal rule issued Monday that's likely to face resistance from Congressional Republicans and the White House. The Consumer Financial Protection Bureau decided to ban most types of mandatory arbitration clauses, which require credit card or bank customers to use a mediator when they have a dispute...

The government’s consumer watchdog finalized a rule Monday that will make it easier for people to challenge financial companies in court. The rule by the Consumer Financial Protection Bureau targets arbitration clauses, which are frequently tucked into the fine print of user agreements for credit cards, bank accounts and other consumer products. As a condition for receiving services or products,...

The average consumer receives $5,400 in cash relief when using arbitration; $32 through a class action suit Washington, D.C. – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), released the following statement in response to the issuance of the Consumer Financial Protection Bureau’s (CFPB) final arbitration rule. “Arbitration has long provided a faster, better, and more...